Dollar to Naira Black Market Exchange Rates 14 October 2023

Dollar To Naira Black Market Exchange Rate 14 October 2023

Daily US Dollar to Nigerian Naira Exchange Rate on The Voice of Nigeria

The Voice of Nigeria offers detailed and timely updates on the US dollar to Nigerian naira black market exchange rates. Given the unpredictable shifts in currency values in today’s global market, we ensure that our data mirrors the most recent changes. For a reliable source of the latest exchange rate news, bookmark this.

Dollar to Naira Black Market Rate 14 October 2023

Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N1040 and sell it for N1050.

Dollars to Naira Black Market 2023 – Handy Conversion Data Table

Dollar to Naira Rates News 14 October 2023

Voice of Nigeria Report:

Naira’s Mixed Reactions after CBN’s Decision on 43 Items

The Nigerian currency, Naira, experienced different reactions in various markets on Friday. The Central Bank of Nigeria (CBN) recently decided to allow imports of 43 items, which had been banned for eight years.

Here are the key points:

1. Black Market Rates: On Friday, the Naira’s value dropped in the black market, reaching N1,049 per US dollar. This was a decrease from the previous rate of N1,040 on Thursday.
2. I&E Forex Window: In the official market, called the Investor and Exporters (I&E) forex window, the Naira did better. It went up by 2.3%, with a rate of N759.20/$1 on Thursday, October 12, 2023. This was an improvement from N776.80/$1 the day before.
3. Other Currency Performance: Data from the CBN also showed that in the official market, the Naira’s value went up against the British Pound and the Euro. It was N942.64 for every Pound, and N813.12 for every Euro.
4. Peer-to-Peer (P2P) Window: In another market called the P2P window, the Naira’s value went down to N1,041/$1 from the previous day’s rate of N1,028/$1. Some reports suggest the black market rate went even higher to N1,050/$1.
5. Central Bank’s Statement: The CBN said it aims to keep the foreign exchange market organized and fair. They will make sure people use official sources to check forex rates. This includes the CBN website and FMDQ. The bank also plans to add more money to the foreign exchange market when needed. As the market gets more stable, they will reduce these efforts.

Experts believe the Naira might perform better in the black market soon. They also think the CBN’s recent decision is a step in the right direction